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Mortgage rates are on the rise. This is what millions of Americans read in the financial pages and on the internet every day. Whether or not you believe the hype our economy is getting, it is a fact that rates for home loans have come off of their 40 year lows, and seem poised to continue to move in an upward direction for the next few months. The federal reserve has forecasted this for the last year or so, and their rates have been inching up gradually. They seem well poised to increase again at their December meeting.

What does this mean for the average homeowner? You guessed it. Borrowing costs are going to increase even more. But have they really increased that much? Is it too late to take advantage of mortgage rates, and what will they do over the next month and into next year?

The reality is that interest rates, in spite of the recent upswing, are STILL at 30 year lows. They will have to move a lot further to break out of this paradigm. The average 30 year fixed mortgage rate is still under 6 percent, and that is a bargain by any stretch of the imagination.

Home equity lines of credit, based on Prime Rate, are still at all time lows as well. Prime Rate is currently 5.00%. The payments on these types of loans, generally used for consolidation of debt, are usually interest only and small in comparison to fixed rate loans and second mortgages.

Most experts agree that rates cannot move too much higher without biting off a large chunk of the economic "recovery." However, there are lots of variables involved in interest rate fluctuation, and timing the market is impossible.

"If you are considering a debt consolidation, or refinancing your current loan, the best thing to do is contact a mortgage broker, and start shopping now," advises Chris Klein, President of America's Mortgage Solution, Inc., a Pittsburgh, Pennsylvania based mortgage broker. "The reality is that rates are still incredible, and the future is uncertain. If you missed the all-time lows, you may be pleased to learn that in payment terms, you are only a few dollars off of that now. Why not investigate it, and lock in your savings. Uncertainty in any market does not bode well for rates, and that's where this market is. The better the job figures get, the higher rates may go."

Since 1990, Mr. Klein has helped thousands of homeowners purchase new homes, or refinance their current loans, saving his clients hundreds of thousands of dollars in interest charges. America's Mortgage Solution was created as a one-stop mortgage shop. They can search thousands of lenders products with the click of a button, and provide the lowest wholesale rates and costs around.